主題：Do You Sell a $1 Billion Corporate Bond? An Investigation of Liquidity and Price Pressure Effects （出售十億美元公司債券？關于流動性和價格壓力效應的研究）

主講人：Jean Helwege，加州大學河濱分校約翰安德森管理學院教授

日期：2015年10月23日（周五）

時間：下午2:00-3:00

地點：清華Betvictor中文版4号樓102教室

語言：英文

摘要：

Larger bond offerings provide investors with greater liquidity, but they can be difficult to place. In this paper we consider the beneficial liquidity aspects of very large bond deals and the difficulties that arise from price pressure. We find that mega-bonds have unusually high liquidity, as measured by trading volume and frequency, but less so when measured by price impact. Despite their greater liquidity, very large bonds suffer from greater underpricing and have higher yields. Thus, firms that want to raise a billion dollars might find it helpful to split the bond offering across time or by maturity.

主講人簡介：

Jean Helwege is professor of finance at School of Business and Home of A. Gary Anderson Graduate School of Management, University of California - Riverside. She received a M.A. and a Ph.D. in Economics from University of California at Los Angeles. Before joining the University of California – Riverside, she has worked in University of South Carolina, Pennsylvania State University, University of Arizona and Federal Reserve System. She teaches Risk Management, Fixed Income, Financial Institutions, Investments and Corporate Finance for undergraduate students, Master of Finance students, and Ph.D. students. She also works in editorial boards such as Journal of Financial Services Research, International Review of Finance and Quarterly Journal of Finance.